Hermez Network HEZ Price

What is Hermez Network (HEZ)?

Polygon Hermez, an innovative Layer 2 scaling solution, has been transforming the Ethereum network since its launch in March 2021. This open-source ZK-Rollup platform is pivotal in reducing transaction costs and increasing processing speeds for Ethereum-based token transfers. By leveraging zero-knowledge proof technology, Polygon Hermez significantly minimizes transfer expenses by over 90%, offering a more inclusive and efficient payment network for a diverse range of digital currencies.

At its core, Hermez focuses on scaling payments and token transfers while preserving the decentralized ethos of Ethereum. It's uniquely designed for high-frequency tokens like ETH, DAI, Tether, and wBTC, addressing the congestion issues of the Ethereum main chain. The platform achieves this by executing transactions off-chain, thereby increasing the transaction capacity to up to 2000 per second – a substantial improvement over the Layer 1 Ethereum network. With Hermez 2.0, the platform has taken an even more ambitious leap by emulating the Ethereum Virtual Machine (EVM), allowing for the transparent deployment of Ethereum smart contracts with zero-knowledge proof validations.

The operation of the Hermez Network is a blend of cutting-edge technology and community engagement. The network uses a novel 'Proof-of-Donation' mechanism, where Network Coordinators (transaction batch creators) are selected through an auction system. This process not only maintains the network's decentralization and security but also supports community projects through the donations collected. Users can interact with the Hermez ecosystem via a user-friendly interface for transactions, maintaining the network's commitment to decentralization and open-source architecture.

Polygon Hermez stands as a testament to the power of blockchain innovation, offering a scalable, secure, and decentralized platform that pushes the boundaries of digital asset transactions. As it continues to evolve, Hermez is set to play a crucial role in the widespread adoption of blockchain technology, making financial services more accessible and efficient for all.

What is unique about Hermez Network (HEZ)?

Hermez Network stands out for its on-chain data management and off-chain computation using zero-knowledge proofs, ensuring security akin to Ethereum and high transaction scalability.

Who are the founders of Hermez Network (HEZ)?

The Hermez Network was brought to life by developers Chami An, Eduardo Antuña, Cristina Barbero, Jordi Baylina, Marta Bellés, Arnau Bennassar, Arnau Cube, Alberto Elias, and Elías García​​.

Who are the backers/investors of Hermez Network (HEZ)?

Specific backers or investors of Hermez Network are Polychain Capital, Sequoia Capital, Andreessen Horowitz (a16z), Coinbase Ventures and other venture capital firms.

What is the consensus mechanism of Hermez Network (HEZ)?

Hermez Network employs a 'Proof-of-Donation' mechanism, where coordinators for transaction batches are chosen through an auction system.

Where can I buy Hermez Network (HEZ)?

You can buy Hermez Network (HEZ) on Uniswap V2 (Ethereum) cryptocurrency exchanges.